The Pandora Papers leak of almost 12 million documents revealing hidden wealth and tax avoidance by some of the world’s rich and powerful also underlines the apparent ease with which the trade in art and antiquities has been used to… Read More ›
Sanctions
UAE banks have one month to comply with new transaction monitoring and sanctions screening guidelines
The UAE Central Bank has issued new guidelines to financial institutions on transaction monitoring and sanctions screening. Banks must demonstrate compliance with the central bank’s requirements within one month of 13 September when the guidelines came into effect. Bank obligations… Read More ›
Romanian bank and US parent settle with OFAC for trade finance sanctions violations
Romania’s First Bank and its parent company, US investment firm J C Flowers, have entered into a US$862,318 settlement with the US treasury department’s Office of Foreign Assets Control (OFAC) for apparent violations of the Iran and Syria sanctions programmes…. Read More ›
Nigeria’s halt to forex sales to money changers may increase trade-based financial crime risk
Central Bank of Nigeria (CBN) has announced it has halted sales of foreign exchange to the country’s money changers or Bureaux De Change (BDCs) on the grounds that they facilitate illicit financial flows (IFFs) and other financial crimes, including terrorist… Read More ›
AML/CFT compliance ‘below satisfactory’ in 19 European jurisdictions says Moneyval
There is a serious need to improve the effectiveness of states’ action against money laundering and terrorist financing according to the Council of Europe’s anti-money laundering and counter financing of terrorism (AML/CFT) body Moneyval in its recently released Annual Report… Read More ›
Ghana issues directive for commercial banks to curb misdeclarations, under-invoicing and non-reporting
The Bank of Ghana (BoG) has issued a directive to all commercial banks demanding foreign companies operating in the country register a Technology Transfer Agreement (TTA) with the Ghana Investment Promotion Centre (GIPC). The directive comes in the wake of… Read More ›
Bahrain to prosecute 13 of Iran’s top financial institutions for money laundering
Bahrain is to prosecute Iran’s most prominent financial institutions on charges related to money laundering of US$1.3 billion via the now defunct Bahrain-based Future Bank. This is the largest such case in the Gulf state’s history. Prosecutors say Future Bank… Read More ›
UK regulator says some of its biggest sanctions related to financial crime and AML failure
Two of the UK’s Financial Conduct Authority’s (FCA’s) biggest sanctions in the last 12 months related to failures to address financial crime and anti-money laundering (AML) risks according to the authority’s executive director of enforcement and market oversight, Mark Steward…. Read More ›